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4 Best Whole Life Insurance Plans Singapore 2024 (Updated)

Here, we analyse and explore the best whole life insurance plans in Singapore 2024.

Whole life insurance plans are typically characterized by high premiums and can be more complex than term life insurance. Agents often promote whole life insurance as coverage that also includes savings that can be used for retirement needs.

In our opinion, we will consider a whole life insurance plan if we want lifetime coverage of critical illness coverage but do not want to commit to paying premiums for life.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life insurance with Highest Number of CI Covered  – FWD Life Protection
  2. Best whole life insurance with Lifetime Multiplier  – China Taiping i-Secure Legacy II
  3. Best whole life insurance with Pre-malignant tumour coverage  – Singlife Whole Life
  4. Best whole life insurance with Cheapest premium – Etiqa Essential Whole Life Cover

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

Best Whole Life Insurance with Highest Number of CI Covered

FWD Life Protection

Fwd Logo

Our new entrant is here to checkmate the life insurance market with a bang, FWD new whole life policy lets you have access to up to 175 Critical Illness Condition Protection with competitive premium. Following China Taiping, FWD allows you to enhance your coverage by 2x, 3x, or 5x until your chosen minimum protection level age (till 75 and 85 ALB), and maintain 50% of your augmented coverage. The FWD Life Protection also offer retirement income options, allowing you to convert your policy’s surrender value into an annual income stream. Policy holder also get to enjoy exclusive FWD additional benefits like medicine delivery, preferred rates at healthcare facilities, and the option to extend coverage to your family.

Here is why we like FWD Life Protection
  • Flexible limited premium payment term of 5,10, 15, 20 or 25 years
  • Life Extender Multiplier of 2/3/5x till a ALB 75 or 85
  • Lenient Disability Coverage base on 2 out of 6 ADL  between 16 – 75 years old
  • Early Stage Critical Illness Rider Covers up to 142 Medical Conditions, Pre Early Cancer, 15 Special & Mental Conditions and 17 Juvenile (Total 175 Conditions)
  • Guaranteed Increase life coverage during milestone
  • Premium waiver for 12 months upon retrenchment!
  • Unique Simplified Underwriting Process
  • Exercise Option to receive Retirement Income from age 55 years old onwards for up to 80% of surrender value (inclusive of bonus)
What we don’t like
  • There is nothing we don’t like about this policy at all other than it being a relatively new insurer product.

Best Whole Life Insurance with Lifetime Multiplier –

China Taiping i-Secure Legacy II


China Taiping Logo

China Taiping has released its new i-Secure legacy II whole life insurance plan, the fourth version of their whole life product line, which has the potential to be the best whole life insurance plan available in the market if you are comfortable with the brand.

One of the standout features of this plan is its comprehensive coverage of critical illnesses, with individuals covered for a total of 161 conditions, including 42 early stage, 40 intermediate stage, and 55 advanced stage critical illnesses, as well as additional payouts for 12 special conditions for the entire policy term and 12 juvenile conditions for those under the age of 18.

China Taiping also offers lifetime total and permanent disability (TPD) coverage, and the option to enhance coverage on basic plans and riders until the age of 76 (previously 71) or 86.

A new feature for China Taiping is the Lifetime Multiplier benefit, which allows policyholders to continue enjoying a partially reduced multiplier benefit of 50% after either age 76 or 86, instead of having the multiplier benefit completely reduced after the selected multiplier age. This means that the guaranteed benefit/multiplier will not be immediately reduced to 50%, but will instead be gradually reduced over a period of time.

Here is why we like China Taiping i-Secure Legacy
  • Multiplier Factor of 2, 3, 4, 5x
  • Lifetime TPD Coverage
  • Multiplier benefit till age 76 or 86 (Longest in Market)
  • Enjoy 50% Guaranteed Multiplied Benefit for Life beyond Multiplier Age (76 or 86) or Basic Sum assured + Bonuses
  • Premium payment term choices of 5, 10, 15, 20, 25
  • Comprehensive Critical Illness Coverage with 161 Conditions (42 Early Stage, 40 Intermediate Stage, and 55 Advanced also provides additional 12 juvenile and special condition For Life)
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Multiplier option do not have till age 70 which other companies have hence unable to provide apple to apple comparison with others

Best Whole Life Insurance with Pre Maglinant Tumour Coverage

Singlife Whole Life
singlife logo3

Singlife Whole Life allows policyholders to choose a multiplier term until the age of 65, 70, or 75, making it one of the most flexible multiplier term benefits in the market.

This new plan also offers a wider range of premium payment terms, ranging from 10, 15, 20, 25 years or until age 65.

One unique feature of Singlife Whole Life is the option to receive a cash-out benefit in the form of a monthly income anytime after the age of 65.

Additionally, the Early Critical Illness rider V provides coverage for Borderline/pre-malignant tumors, a 4-day ICU stay payout on 20% of the Early CI basic sum assured, and lump sum payout coverage for up to 132 medical conditions.

Here is why we like Singlife Whole Life
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65 up to age 99 with minimum monthly income of $50
  • Pays 20% Early CI Sum assured for Premalignant tumour & 4 days ICU Stay
  • Multiplier benefit of 2x/3x/4x/5x
  • Early-stage critical illness covers 132 medical conditions and 27 special conditions.
  • One year premium freeze should you lose your job, you’ll not incur any interest charges.
  • Total Permanent Disability coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Multiplier till age 80 no longer applicable in the revised plan

Best Whole Life Insurance with Cheapest Premium –

Etiqa Essential Whole Life Cover

Etiqa Insurance

After comparing various options, we have determined that Etiqa has one of the most affordable, if not the cheapest, whole life insurance plans available, with the only exception being that there are only multiplier options available until age 65 and 80 instead of the usual 70

Two key features of this plan are:

  1. The ability to choose a multiplier until the ages of 65 or 80.
  2. The option to receive regular yearly payments starting from the policy anniversary immediately after the insured reaches age 65, for a period of 10 years.
Here is why we like Etiqa Essential Whole Life Cover
  • Choice of premium payment term option of 5/10/15/20 years
  • Multiplier Option till age 65 & 80
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Most competitive premium in the market for similar permutations
  • Total and Permanent Disability Covers for Whole Life
  • Guaranteed insurability benefit – Option to purchase another plan at certain life stages without proof of good health, in the event of marriage, birth or adoption of your children or graduation from tertiary education.
  • Multiplier benefit of 2/3/4x
What we don’t like
  • Multiplier option do not have till age 70 which other companies have hence unable to provide apple to apple comparison with others
  • Early/Advance Critical illness coverage are not comprehensive although the common conditions are adequately covered

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

Get Whole Life Insurance Quotes

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